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Re: How much into a 529
Posted by mommy2be716
Right now we are doing $200/month, and any money she gets for her birthday or Christmas goes right in there as well. My parents also have a 529 set up for DD that they add to. They get one small gift for Christmas and birthdays, and make 529 contributions for the remaining. I still do not know what they have put in, but I don't think we have to worry much.
Also, I'm shocked at how many people are saying they won't save for their children because their parents didn't save for them. If my parents didn't help me with my college, we would not have been able to put 20% down on our home. Student loans would have prevented me from saving for a down payment, and would have resulted in us paying PMI, which I wanted to avoid. Dh's parents helped him out a bit, and he had about 15k in loans after college. After our wedding, we paid off the remaining 6-7k he had.
I think years ago, college was still a "choice" and not really a 100% necessity. Now, most need master's degrees.
We’re saving for them, but a large part is bc we make too much money for them to qualify for any financial aid and such-we also hope that they won’t know of the money until they actually go to school. Dh and i both went through college and grad school, and bought our house, and paid for our wedding with little to no financial help, and I think it taught us a lot.
That being said, dh and i are both of the mindset that hey should either do SUNY or Ivy League-basically nothing in the middle, and even ivy would depend upon what profession they wanted. I can no longer understand people spending the amount it costs to go to small private schools, or even schools like Maryland or Wisconsin.
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Posted 2/22/19 5:47 PM  |
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Long Island Weddings
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How much into a 529
I’m surprised too by how many people are saying nothing. Student loan debt has literally ruined my life more than I can even imagine between my husband and I and for the last 10 years has prevented us from doing anything. Even getting a house was a struggle. It isn’t until now, who years later that we make enough money to actually save some and do somethings. And I will say, it’s been a hard road and my husband and I struggled so much because of that debt. My husband went to state and I went to private and even with my parents paying for 80% I still have about 70K in loans.... I see now as an adult the poor choices my parents made including them not understanding loan terms and I have a private loan that compounds interest DAILY.... I’ve been paying it for 8 years and the balance has went down 5k... it’s instanity. With a 700$ a month payment. I just can’t imagine putting my children in that position. I get college is their choice, but at the end of the day I’d rather work longer to be able to give to them so they don’t have the struggles we had. It’s scary to think $100 a month per kid isn’t enough right now....
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| Posted 2/22/19 7:40 PM |
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ChilisWife
God Bless America
Member since 5/05 3570 total posts
Name:
A.K.
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Re: How much into a 529
Posted by TwinMommyToBoys
I’m surprised too by how many people are saying nothing. Student loan debt has literally ruined my life more than I can even imagine between my husband and I and for the last 10 years has prevented us from doing anything. Even getting a house was a struggle. It isn’t until now, who years later that we make enough money to actually save some and do somethings. And I will say, it’s been a hard road and my husband and I struggled so much because of that debt. My husband went to state and I went to private and even with my parents paying for 80% I still have about 70K in loans.... I see now as an adult the poor choices my parents made including them not understanding loan terms and I have a private loan that compounds interest DAILY.... I’ve been paying it for 8 years and the balance has went down 5k... it’s instanity. With a 700$ a month payment. I just can’t imagine putting my children in that position. I get college is their choice, but at the end of the day I’d rather work longer to be able to give to them so they don’t have the struggles we had. It’s scary to think $100 a month per kid isn’t enough right now....
To clarify, I would love nothing more than to pay for my kids college 100%. But, we don't make a ton of money - we make barely enough to pay our bills. Any extras go towards their sports and activities - I want them to enjoy their childhoods and teen years and not sacrifice those things to "maybe" get into a good college and "maybe" get a good job. They will go to college and it will kill me if they are burdened with loans which is why I will advise them not to go to a 70K/year school without some sort of grant or scholarship. It's not worth it these days, it really isn't.
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| Posted 2/22/19 8:13 PM |
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LuckyStar
LIF Adult
Member since 7/14 7272 total posts
Name:
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Re: How much into a 529
Posted by mommywantsababy
Posted by mommy2be716
Right now we are doing $200/month, and any money she gets for her birthday or Christmas goes right in there as well. My parents also have a 529 set up for DD that they add to. They get one small gift for Christmas and birthdays, and make 529 contributions for the remaining. I still do not know what they have put in, but I don't think we have to worry much.
Also, I'm shocked at how many people are saying they won't save for their children because their parents didn't save for them. If my parents didn't help me with my college, we would not have been able to put 20% down on our home. Student loans would have prevented me from saving for a down payment, and would have resulted in us paying PMI, which I wanted to avoid. Dh's parents helped him out a bit, and he had about 15k in loans after college. After our wedding, we paid off the remaining 6-7k he had.
I think years ago, college was still a "choice" and not really a 100% necessity. Now, most need master's degrees.
We’re saving for them, but a large part is bc we make too much money for them to qualify for any financial aid and such-we also hope that they won’t know of the money until they actually go to school. Dh and i both went through college and grad school, and bought our house, and paid for our wedding with little to no financial help, and I think it taught us a lot.
So did we and the only lesson I learned was that my friends who had help have nicer houses in better neighborhoods and aren’t stressed about money all the time. We make more money than most of our friends and still feel behind.They live in huge homes in expensive suburbs or in condos in the city. We live in a cape in south shore Nassau. Not exactly the high life  We couldn’t have worked more and honestly, I’m proud of the career I built. I made 6 figures before I turned 30, built a program that now helps thousands of cancer patients in the tri state area each year. I learned plenty and would not have a different outlook or worked less if my parents had thrown me a few thousand dollars to buy textbooks (I went to CUNY honors college which was free).
I want my DD to work hard (if she’s anything like her parents, she will) but I also don’t want her to feel like the weight of the world is constantly on her shoulders.
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| Posted 2/22/19 9:18 PM |
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| Pages: 1 [2] |
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